Canara Bank unveils two digital products

In a bid to promote cashless economy, major public sector lender Canara Bank has two new digital products in namely BharatQR and Bharat Bill Payment System.

While BharatQR is the world’s first interoperable payment acceptance solution, Bharat Bill Payment System is an integrated bill payment system enabled for customers using Net banking.

Bharat QR is developed by the National Payments Corporation of India (NPCI), Mastercard, and Visa in joint partnership and it require merchants to only display one QR code instead of multiple ones for payments.It was launched in March this year.

NPCI last month received the final nod from the Reserve Bank of India (RBI) to operate as the Bharat Bill Payment Central Unit (BBPCU) and functionalise the Bharat Bill Payment System (BBPS).

“Bank is always poised for a digital revolution and has begun to offer scores of digital payment products/platforms to enhance customer convenience by reducing cash transactions,” said Rakesh Sharma, Managing Director, and CEO, while launching the products.

“The Finance Ministry’s Department of Financial Services, has been propagating that banks need to achieve 25 billion digital transactions by March 31, 2018, and has also allocated targets to all the banks,” he added.